Internal vs. external data sources

- [Narrator] If you do an excellent job of tracking your data then you can have sales, marketing, psychographic, and even cost data to analyze. These types of data sources all come from your organization now and they're considered internal data. Internal data is only part of the equation when it comes to the data you should study to solve your business problems. The missing pieces in this equation are external data sources. These types of external data sources help give you proper context to your internal data. The analogy that I like to make when I'm explaining the difference between internal and external data sources is to imagine your company as a living organism. You can see internal data sources as the organs of your organization. And studying this kind of data can help you understand the general health of your organization. On the other hand external data sources help you understand the environment in which…